Questions
Frequently asked questions and definitions.
During challenging and uncertain financial times, making the correct, educated decisions can make a fundamental difference to the future of your business. We understand that during this time there are many questions that race through your mind. We have created a list of the most frequently asked questions.
Hopefully, our frequently asked questions will answer a number of your queries, however, due to the complexity of the industry, it is impossible to answer all your questions generically; therefore, call us now for a free, no obligation consultation.
Frequently asked questions.
What is the definition of corporate insolvency?
If you are unable to meet your obligations to creditors when they fall due you are technically insolvent. It is illegal for the company to continue obtaining credit whilst in this state and there fore it could fall to the directors’ personal liability.
I am receiving threats of legal action and persistent creditor pressure. How fast can you help?
Once instructed we will begin talking to your creditors on your behalf, hoping to ease the pressure. We will then compile a statement of you assets versus your liabilities so the best course of action can be determined.
Are my assets safe?
County Court Judgments, bailiff actions, statutory demands and bankruptcy petitions can all be initiated by the actions of a single hostile creditor. Therefore taking action to resolve your financial issues as soon as possible is imperative.
Are you able to help with short term plans? We want to continue to trade as we believe our current circumstances will soon be resolved but are struggling to meet our liabilities at present.
We can prepare an arrangement for you to pay your creditors a percentage of the monies owed over a period of 3 to 5 years, interest free. The arrangement is approved by the courts and you continue to trade without any outside interference. This is known as a Company Voluntary Arrangement and BC Insolvency will assist you in preparing your file for the Insolvency Practitioner to ensure you are in the best possible position.
Case Studies.
The bespoke service we offer means that we are able to tailor make a solution to suit individual requirements. Examples of recent situations we have dealt with are;
Case Study 1
We were recently contacted by a Limited company who had been served with a winding up petition.
They were initially dealt with by our friendly administration team who quickly iden read more...
Case Study 2
We have also recently worked with a large European firm who were facing financial difficulties.
Due to their high profile status it was important it was dealt with discreetly so as read more...
